How Will the Coming Caregiver Crisis Affect You?
As health care becomes more expensive, fewer people will be around to deliver it, according to a recent report released by the AARP.
Titled “The Aging of the Baby Boom and the Growing Care Gap: A Look at Future Declines in the Availability of Family Caregivers”, the document details an upcoming scarcity in caregivers, specifically family caregivers, who will be available to provide long term care services over the next few decades. With more Baby Boomers preparing to enter retirement every day, this new report raises questions about how the medical and long term care systems in the country can afford[…]
A Better Way to Buy Long Term Care Insurance
We’ve all heard some variation of this story: after years of paying premiums on time, someone files a claim with their insurance company, only to be denied benefits and cheated out of the coverage they deserve. No matter what type of insurance, this has happened to consumers, and long term care insurance buyers haven’t been spared. These stories are not blanket warnings against policies, however, although some people choose to use them as so. Rather, they are tools to help us make wiser decisions about how to buy insurance.
Choose Wisely
Many people bought long term care insurance policies when they first[…]
New Tablet Helps Seniors Manage Health and Communicate with Family
A button-free tablet designed specifically for seniors was recently introduced by a healthcare company. The tablet is meant to help users manage their health regimen and keep in contact with family members.
Interface and Communication
The Claris Companion – photo provided by Claris Healthcare
Claris Healthcare released the tablet last month and has begun sales in their online market. The tablet features a simple user interface, a button-free design, and the device comes completely configured. Purchasers must create an account before buying the tablet, in order to have[…]
John Hancock Makes Adjustments to State Partnership Long Term Care Insurance Products
John Hancock has announced the discontinuation of the sale of its California Partnership Long Term Care Insurance product, effective Monday, September 16.
Strict Regulations and Low Sales in California
The company described the move as a “difficult decision” based on “continued low sales volume” and their findings “that the strategic direction of our LTC products and markets no longer synchronizes with California Partnership regulatory requirements”.
Current policyholders of California Partnership plans will not be affected by the changes, and already existing plans remain guaranteed renewable. However, the company did note that premium rates can be raised based on regulatory approval. All applications for[…]
Genworth Enacts New Underwriting Guidelines for Type 2 Diabetics
Genworth, the nation’s largest provider of long term care insurance, issued a press release today announcing a change in underwriting guidelines for their long term care insurance policy Privileged Choice Flex 2. The change affects applicants with non-insulin dependent, Type 2 Diabetes.
Underwriting Category Eligibility
According to the press release, all applicants with non-insulin dependent, Type 2 Diabetes will no longer be eligible for the “Select” underwriting category. They will now only be eligible for the “Standard” underwriting category and applicable quotes will apply for these policies. The change in underwriting guidelines only impacts applicants for Privileged Choice Flex 2 and will[…]
CalPERS Sued Over Long Term Care Insurance Rate Increases
A lawsuit was brought against CalPERS, the California Public Employees’ Retirement System, on Tuesday over the agency’s recent Long Term Care Insurance rate increases.
Retirees Bring Class Action
The class action suit against CalPERS was filed in Los Angeles Superior Court on behalf of more than 100,000 California residents. The lawsuit claims the government agency deliberately deceived consumers who purchased Long Term Care Insurance policies by assuring the premium rates would remain “reasonably priced”.
CalPERS began selling Long Term Care Insurance policies in 1995. Last fall, premium rate increases of 85% were approved for implementation in 2015. CalPERS attributed the need for rate[…]
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A side-by-side comparison of each company’s policy features. We cover the similarities and the differences.
Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.